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Spending Review: Equitable Life compensation raised
Former_MSE_Guy
Posts: 1,650 Forumite
This is the discussion thread for the following MSE News Story:
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Comments
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I listened to this part of the announcement. Still not very clear, other than (a) he confirms, as previously stated, that compensation will be more than the Appeal Court had intimated (and quickly), and (b) those with pensions actually in payment will get 100% compensation.
This implies that despite more money being allocated, the bulk of the extra (if not all) is going to the current pensioners. So others might get no more than the 30%-ish already promulgated?0 -
It seems that anybody that took out their with profit pension plan with equitable life before 1992 will get nothing from the one and a half billion settlement deal.................that, has been kept very quiet.Political?....I dont do Political....well,not much!0
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It seems that anybody that took out their with profit pension plan with equitable life before 1992 will get nothing from the one and a half billion settlement deal.................that, has been kept very quiet.
Actually it's a WP Annuity purchased before Sept 1992.
It was reported on the BBC Business webpage on 20th October so it's hardly been kept quiet. Maybe some of the media chose not to report it as they had lots of other headlines to pick from.
http://www.bbc.co.uk/news/business-115854190 -
:mad:
My with profits endowments taken out in 1988 and 1991 designed to return £32k will return around £21k.
Financial Ombo says I wasn't mis-sold.
I was expecting 22.5% compo, but "government compensation your questions answered" says I bought my policies too early to qualify for compensation.
Government compensation helpline referred me to EL, who batted it back. A call centre supervisor told me the dates specified are when maladministration occurred - but this also applies to policies bought before the cutoff date. :huh:
I have been given an address to put my complaint to in writing -
P O Box 4110, Glasgow G58 1EL
- anyone have any bright ideas to knock some heads together? I'll try my MP again - the useless Eleanor Laing.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
My compensation cheque has just arrived - does anyone know if it is taxable income or not?0
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You shoud have been sent a statement a few days before the warrant arrived. There is a leaflet about the scheme which contains the following:
Do I need to declare this payment as income on my tax return?
No. Payments are not subject to UK Income Tax so you don't need to declare them to HM Revenue & Customs.0 -
Thanks Claret Head (i assume you like your wine!) - i got the letter and statement but no leaflet - looking at the letter again i see it does refer to a leaflet so will call them tomorrow and ask for a copy but good to know it's not taxable.0
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